Standard Terms and Conditions
Businesses are well-advised to incorporate standard terms and conditions into each of their primary contracts. Standard terms commonly address and resolve problems that occurred in previous transactions. This “boilerplate” language can help protect the business’ rights, limits its liability and to reduce the risk of lawsuits.
Generally speaking, standard terms and conditions set forth default guidelines that both businesses and customers are expected to follow. Should either party not live up to its end of the bargain, the standard terms and conditions provide protection and guidance for the wronged party.
Standard terms and conditions are generally enforceable except where statutory or regulatory law restricts their application or where the party drafting the terms has an unfair advantage or engages in “overreaching.”
Standard terms and conditions have been used to accomplish a wide variety of purposes including, but not limited to, the following: identifying the parties, terms of service, payment schedules and late-payment penalties, confidentiality, intellectual property rights, title and risk of loss, limitations on liability, limitations of warranties, choice of law provisions, alternative dispute resolution procedures, indemnification, lawyers’ fees, breach, and right to cure.
Standard terms and conditions do not have to be long-winded, multiple page documents. They can be succinct and to-the-point. The important thing is that they address the needs of the business and/or transaction.
The Thode Law Firm P.C. has many years of experience drafting standard terms in business and real estate contracts. Call us today for a free consultation about which standard terms of conditions may apply to your business or real estate transaction.